HTC suffers worst ever quarterly loss
Print Edition
TAIWAN-BASED struggling smartphone maker HTC suffered its biggest ever quarterly loss in the three months to June, as sales of its high-end products plunged, it said yesterday.
The firm swung to a loss of NT$8 billion (US$253.2 million) in the second quarter from a net profit of US$2.26 billion in the same period of last year.
It is also a nosedive from the first quarter of this year, when HTC reported a net profit of NT$360 million.
Revenues slid to NT$33 billion in the period, it said in a statement.
The deficit was triggered by “weaker than expected demand at the high end ... along with weak sales in China,” the company said.
It said the outlook was dim for the third quarter with revenues forecast to fall to between NT$19 billion and NT$22 billion.
“HTC has begun to implement company-wide efficiency measures to reduce operating costs across the organization and ensure resources are appropriately allocated to future growth,” the statement said.
Jeff Pu, an analyst at Yuanta Securities Investment Consulting, said he did not see an end to the downward trend.
“In China there are around 10 brands that have come up with similar products for a third of the price, not to mention giants like Apple and Samsung,” he said.
“Like Nokia and Blackberry, few smartphone makers are able to turn around once they lose in the battle for market share,” he said.
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